Gold: The Story of Man's 6000 Year Obsession

Gold: The Story of Man's 6000 Year Obsession

2018, Economics  -   Leave a Comment
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Ratings: 8.68/10 from 25 users.

The story of gold is the story of civilizations. Its significance has remained constant throughout mankind. What is it about this precious metal that inspires such a level of confidence that generations of people have consistently used it as a method of exchange and measurement of wealth? Are there really no other known elements that can compare to this precious commodity?

Mining gold is an excruciating process because miners have to first acknowledge that the success rate of prospecting is notoriously low. If they overcome this hurdle, they then have to think about the costs associated and the necessary lengthy time commitment. Depending on where they are able to find the commodity, they also have to then think about cultural and other socio-political factors that will be affected by their efforts.

Throughout the feature you will gain an understanding of why gold will always be mentioned in any discussion about the true value of money and why all civilizations have always held it in high esteem and used it as a method of exchange. The presenters give an understanding of the process required to extract gold and make it useful in commercial settings, going in depth and providing details on how gold is bought and sold around the world. They elaborate on the attitudes of different stakeholders towards gold and how these perspectives came about and also why they are significant and should be noted.

They speculate on whether or not the price of gold can be manipulated and who might be capable of it. Even personal experiences are highlighted of how gold has been the only solid assurance for individuals in times of economic stress.

In the modern era, will gold's intrinsic value hold constant? Is the increasingly popular Bitcoin comparable? If put to the test of time will Bitcoin hold its own against gold? Also, with the rise of crypto currencies, what is the future outlook for gold?

These ideas and others such as the interplay of politics and the economy is a relevant exploration since it has such an enormous impact on our everyday lives.

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